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Panama Country Monograph PANAMA COUNTRY MONOGRAPH A Publication of Live and Invest Overseas PANAMA COUNTRY MONOGRAPH By: Roxana Lupu Published by Live and Invest Overseas Altos del Golf, Loma Alegre, Calle Los Tulipanes, Casa B1, Panama City, Republic of Panama Publisher: Kathleen Peddicord Copyright © 2011 Live and Invest Overseas. All rights reserved. No part of this report may be reproduced by any means without the express written consent of the publisher. The information contained herein is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. www.liveandinvestoverseas.com Panama [EscribaCountry texto]Monograph T A B L E O F C ONTENTS Government ............................................................................................................. 3 Economy and resources ............................................................................................ 4 Climate .................................................................................................................... 4 Panama City Climatological Information ........................................................................... 5 Population and society ............................................................................................. 5 Infrastructure ........................................................................................................... 6 Practical information ................................................................................................ 6 Special benefits for retirees ...................................................................................... 7 Cost of living ............................................................................................................ 7 Cost of housing ......................................................................................................... 9 Health care ............................................................................................................... 9 Taxes ..................................................................................................................... 10 Territoriality and Residence ........................................................................................... 10 Gross Income................................................................................................................. 10 Deductions and Allowances ........................................................................................... 10 Tax Credits .................................................................................................................... 11 Other Taxes ................................................................................................................... 11 Tax Authorities .............................................................................................................. 11 Further Reading ..................................................................................................... 11 Recommended Resources ....................................................................................... 12 Copyright © 2011| Live and Invest Overseas | www.liveandinvestoverseas.com Page 2 Panama [EscribaCountry texto]Monograph National name: República de Panamá/Republic of Panama Area: 77,100 square kilometers/29,768 square miles Capital: Panamá Major towns/cities: San Miguelito, Colón, David, La Chorrera, Santiago, Chitré, Changuinola Major ports: Colón, Cristóbal, Balboa Physical features: coastal plains and mountainous interior; tropical rainforest in east and northwest; Archipelago de las Perlas in the Gulf of Panama; Panama Canal Government Head of state and government: Ricardo Martinelli Berrocal from 2009 Political system: liberal democracy Administrative divisions: nine provinces and three Autonomous Indian Regions (comarcas) Political parties: Democratic Change or CD [Ricardo Martinelli]; Democratic Revolutionary Party or PRD [Francisco Sanchez Cardenas]; Nationalist Republican Liberal Movement or MOLIRENA [Sergio Gonzalez-Ruiz]; Panamenista Party [Juan Carlos Varela Rodriguez] (formerly the Arnulfista Party); Patriotic Union Party or UP (combination of the Liberal National Party or PLN and the Solidarity Party or PS)[Anibal Galindo]; Popular Party or PP [Milton Henriquez] (formerly Christian Democratic Party or PDC) Armed forces: no active army Death penalty: laws do not provide for the death penalty for any crime Defense expenditures (% GDP): 1 (2006) Education expenditures (% GDP): 3.8 (2008) Copyright © 2011| Live and Invest Overseas | www.liveandinvestoverseas.com Page 3 Panama [EscribaCountry texto]Monograph Economy and resources Currency: balboa (on parity with the U.S. dollar) GDP (US$): 27.2 billion (2010) Real GDP growth: 7.5% (2010) GNI per capita (PPP) (US$): 12,700 (2010) Consumer price inflation: 3.5% (2010) Unemployment: 6.5% (2010) Public debt (%GDP): 40 (2010) Major trading partners: U.S., Japan, China, Singapore, Germany, Italy Resources: copper, mahogany forests, shrimps, hydropower Industries: construction, brewing, cement and other construction materials, sugar milling Exports: bananas, shrimps, sugar, coffee, clothing. Principal market: Greece 21.03% (2009) Imports: capital goods, foodstuffs, consumer goods, chemicals. Principal source: Japan 36.21% (2009) Arable land: 7.26% Agricultural products: bananas, rice, corn, coffee, sugarcane, vegetables, livestock, shrimps Climate Panama’s tropical climate has two seasons, one dry and one rainy. Variations depend on the region and altitude. The Caribbean coast sees rain year-round, while the Pacific coast has a more pronounced dry season. The Azuero Peninsula has an extremely arid climate during the dry season. In contrast, the mountains get plentiful rain during the wet season. Variations in temperature are linked to altitude in Panama. Coastal temperatures regularly reach 95°F (35°C). The temperature drops 34°F (1°C) for every 150 meters (nearly 500 feet). Those who would rather avoid hot and humid weather might prefer the cooler regions: El Valle, Boquete, Volcan, and Cerro Azul. Copyright © 2011| Live and Invest Overseas | www.liveandinvestoverseas.com Page 4 Panama [EscribaCountry texto]Monograph Panama City Climatological Information Mean Temperature oF Mean Total Rainfall Mean Number of Month Daily Daily Minimum Maximum (mm) Rain Days Jan 65.3 92.1 29.3 2.9 Feb 65.1 93.6 10.1 1.3 Mar 65.1 94.6 13.1 1.4 Apr 67.1 95.7 64.7 4.9 May 70.0 94.1 225.1 15 Jun 70.3 92.8 235.0 16 Jul 69.8 93.0 168.5 14 Aug 69.6 93.0 219.9 15 Sep 69.8 91.2 253.9 17 Oct 69.4 90.7 330.7 20 Nov 68.5 91.2 252.3 16 Dec 66.6 91.9 104.6 7.5 Population and society Population: 3,460,462 (2010) Population growth rate: 1.4% (2010) Urban population (% of total): 75 (2010) Age distribution (% of total population): 0–14 28.6%, 15–64 64.2%, 65+ 7.2% (2010) Ethnic groups: about 70% mestizos (of Spanish–American and American–Indian descent), 14% West Indian, 10% white American or European, and 6% Indian Languages: Spanish (official), English Religion: Roman Catholic 85% Education (compulsory years): 8 Literacy rate: 92.5% (men); 91.2% (women) Copyright © 2011| Live and Invest Overseas | www.liveandinvestoverseas.com Page 5 Panama [EscribaCountry texto]Monograph Labor force: 6% agriculture, 18% industry, 76% services (2009) Life expectancy: 75 (men); 80 (women) (2010) Child mortality rate: (under one year old, per 1,000 live births) 11.64 (2010) Internet users: 959,800 (2009) Infrastructure Airports: 118 (2010). Main international airport: Tocumen Railways (total length): 76 kilometers Roads (total road network): 11,978 kilometers, of which 4,300 kilometers paved (2002) In Panama, the infrastructure as a whole is good—and far superior to that of other Latin American countries. Accessible roads, daily flights to the U.S., and reliable public transportation all make Panama an easy place to get around. Practical information Visa requirements: no visa is required for a stay of up to 90 days American embassy, Building 783, Demetrio Basilio Lakas Avenue Clayton, Panama; tel. (507) 207-7000 American Chamber of Commerce and Industry of Panama, P.O. Box 0843-00152, Panama; tel. (507) 301-3881; fax (507) 301-3882 Office hours: 9 a.m.-5 p.m., Monday to Friday Banking hours: 8 a.m.-9 p.m. Monday to Friday; 9 a.m.-12 p.m. Saturday Time difference: GMT-5. Same with U.S. Eastern Time before daylight savings. Chief tourist attractions: Panamá; ruins of Portobelo; San Blas Islands, off the Atlantic coast; 800 sandy tropical islands in the Gulf of Panama Major holidays: 1, 9 January, 1 May, 11–12 October, 3–4, 28 November, 8, 25 December; variable: Carnival (2 days), Good Friday Copyright © 2011| Live and Invest Overseas | www.liveandinvestoverseas.com Page 6 Panama [EscribaCountry texto]Monograph Special benefits for retirees Foreign residents and retirees are entitled to the following benefits: 50% off entertainment anywhere in the country (movies, theaters, concerts, sporting events); 30% off bus, boat, and train fares; 25% off airline tickets; 50% off hotel stays from Monday through Thursday; 30% off hotels stays from Friday through Sunday; 25% off at restaurants; 15% off at fast-food restaurants; 15% off hospital bills (if no insurance applies); 10% off prescription medicines; 20% off medical consultations; 15% off dental and eye exams; 20% off professional and technical services; 50% closing costs for home loans. To sweeten the deal, you are also entitled to a one-time tax exemption on the importation of household goods
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